The loan will allow the developer, Randall Watts, to convert a building into 227 private and 52 shared ownership apartments.
Pluto Finance has completed a stretched senior development loan for a £50m residential project in Southend.
Apartments in the complex will cost as little as £130,000 and there has already been strong demand from local owner occupiers and investors.
The development is part of a wider regeneration project in Southend which will include a new retail and leisure space and a refurbished train station.
Mark Watts, Chief Executive of Randall Watts, said: “We are delighted to have supported this landmark scheme which will deliver much needed residential accommodation in Southend and contribute towards the regeneration of the town centre.
“We are proud to continue our role in providing much needed housing in Southend”.
Pluto recently issued a £30m development loan to fund over 200 affordable homes in Hounslow and completed a £22m loan to a leading South East developer.